The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Accenture PLC SHS CL A G1151C101 7,788 67,485 SH   SOLE   67,485 0 0
Activision Blizzard Inc. COM 00507V109 8,324 245,989 SH   SOLE   245,989 0 0
Advance Auto Parts Inc. COM 00751Y106 2,663 16,611 SH   SOLE   16,611 0 0
Advanced Semiconductor Enginee SPONSORED ADR 00756M404 135 23,100 SH   SOLE   23,100 0 0
AerCap Holdings NV SHS N00985106 3,865 99,714 SH   SOLE   99,714 0 0
Aetna Inc. COM 00817Y108 7,098 63,176 SH   SOLE   63,176 0 0
Alaska Air Group Inc. COM 011659109 6,123 74,650 SH   SOLE   74,650 0 0
Alibaba Group Holding Ltd. Spo SPONSORED ADR 01609W102 294 3,718 SH   SOLE   3,718 0 0
Alleghany Corp. COM 017175100 2,661 5,363 SH   SOLE   5,363 0 0
Allstate Corp. COM 020002101 10,449 155,103 SH   SOLE   155,103 0 0
Alon Usa Energy Inc. COM 020520102 779 75,457 SH   SOLE   75,457 0 0
Amdocs Ltd. COM G02602103 3,518 58,233 SH   SOLE   58,233 0 0
American Airlines Group Inc. COM 02376R102 9,080 221,409 SH   SOLE   221,409 0 0
American States Water Co. COM 029899101 1,526 38,779 SH   SOLE   38,779 0 0
American Water Works Co. COM 030420103 4,532 65,742 SH   SOLE   65,742 0 0
Amgen Inc. COM 031162100 7,579 50,547 SH   SOLE   50,547 0 0
AMN Healthcare Services Inc. COM 001744101 974 28,968 SH   SOLE   28,968 0 0
Anthem Inc COM 036752103 6,537 47,035 SH   SOLE   47,035 0 0
AON PLC SHS CL A G0408V102 4,625 44,275 SH   SOLE   44,275 0 0
Aqua America Inc. COM 03836W103 4,482 140,853 SH   SOLE   140,853 0 0
Argo Group International Holdi COM G0464B107 647 11,277 SH   SOLE   11,277 0 0
Arrow Electronics Inc. COM 042735100 7,070 109,766 SH   SOLE   109,766 0 0
Arthur J. Gallagher & Co. COM 363576109 4,733 106,414 SH   SOLE   106,414 0 0
Asbury Automotive Group Inc. COM 043436104 3,616 60,424 SH   SOLE   60,424 0 0
Aspen Insurance Holdings Ltd. SHS G05384105 4,149 86,983 SH   SOLE   86,983 0 0
Assured Guaranty Ltd. COM G0585R106 8,796 347,673 SH   SOLE   347,673 0 0
AutoNation Inc. COM 05329W102 3,952 84,664 SH   SOLE   84,664 0 0
AutoZone Inc. COM 053332102 5,017 6,297 SH   SOLE   6,297 0 0
Avis Budget Group Inc. COM 053774105 594 21,722 SH   SOLE   21,722 0 0
Avnet Inc. COM 053807103 6,270 141,538 SH   SOLE   141,538 0 0
Axis Capital Holdings Ltd SHS G0692U109 4,956 89,365 SH   SOLE   89,365 0 0
Big Lots Inc. COM 089302103 5,168 114,114 SH   SOLE   114,114 0 0
Biogen Inc. COM 09062X103 3,492 13,413 SH   SOLE   13,413 0 0
Boeing Co. COM 097023105 4,603 36,262 SH   SOLE   36,262 0 0
Braskem S/A (ADS) SP ADR PFD A 105532105 158 12,267 SH   SOLE   12,267 0 0
Brown & Brown, Inc. COM 115236101 4,738 132,343 SH   SOLE   132,343 0 0
Burlington Stores, Inc. COM 122017106 1,486 26,424 SH   SOLE   26,424 0 0
CACI International Inc. (Cl A) CL A 127190304 2,772 25,980 SH   SOLE   25,980 0 0
CalAtlantic Group (was SPF) COM 128195104 1,680 50,282 SH   SOLE   50,282 0 0
California Water Service Group COM 130788102 1,943 72,730 SH   SOLE   72,730 0 0
Capital One Financial Corp. COM 14040H105 8,159 117,723 SH   SOLE   117,723 0 0
Cardinal Health Inc. COM 14149Y108 9,768 119,192 SH   SOLE   119,192 0 0
CarMax Inc. COM 143130102 5,194 101,651 SH   SOLE   101,651 0 0
Casey's General Stores Inc. COM 147528103 829 7,314 SH   SOLE   7,314 0 0
Centene Corp. COM 15135B101 5,736 93,168 SH   SOLE   93,168 0 0
CGI Group Inc. Class A CL A SUB VTG 39945c109 2,652 55,510 SH   SOLE   55,510 0 0
Chicago Bridge & Iron Co. N.V. COM 167250109 4,292 117,288 SH   SOLE   117,288 0 0
China Mobile Ltd. ADS SPONSORED ADR 16941M109 1,934 34,884 SH   SOLE   34,884 0 0
Cigna Corporation COM 125509109 4,984 36,316 SH   SOLE   36,316 0 0
Cognizant Technology Solutions CL A 192446102 3,650 58,219 SH   SOLE   58,219 0 0
Comfort Systems USA, Inc. COM 199908104 5,178 162,971 SH   SOLE   162,971 0 0
Companhia Brasileira de Distri SPN ADR PFD CL A 20440T201 921 66,252 SH   SOLE   66,252 0 0
Companhia de Saneamento Basico SPONSORED ADR 20441A102 2,149 325,679 SH   SOLE   325,679 0 0
Companhia Energetica de Minas SP ADR N-V PFD 204409601 679 300,425 SH   SOLE   300,425 0 0
Computer Sciences Corp. COM 205363104 2,648 76,985 SH   SOLE   76,985 0 0
Convergys Corp. COM 212485106 3,930 141,523 SH   SOLE   141,523 0 0
Copa Holdings S.A. Cl A CL A P31076105 386 5,704 SH   SOLE   5,704 0 0
CSRA Inc COM 12650T104 2,071 76,985 SH   SOLE   76,985 0 0
CSX Corp. COM 126408103 1,233 47,890 SH   SOLE   47,890 0 0
CurrencyShares Japanese Yen Tr JAPANESE YEN 23130A102 7,216 83,888 SH   SOLE   83,888 0 0
CVS Health Corp. COM 126650100 12,447 119,996 SH   SOLE   119,996 0 0
Delek US Holdings Inc. COM 246647101 524 34,395 SH   SOLE   34,395 0 0
Delta Air Lines Inc. COM NEW 247361702 12,884 264,669 SH   SOLE   264,669 0 0
Discover Financial Services COM 254709108 8,140 159,862 SH   SOLE   159,862 0 0
Dollar General Corp. COM 256677105 11,421 133,427 SH   SOLE   133,427 0 0
Dr. Reddy's Laboratories Ltd. ADR 256135203 244 5,406 SH   SOLE   5,406 0 0
DST Systems Inc. COM 233326107 5,911 52,419 SH   SOLE   52,419 0 0
Dun & Bradstreet Corporation COM 26483E100 504 4,888 SH   SOLE   4,888 0 0
Edison International COM 281020107 1,879 26,132 SH   SOLE   26,132 0 0
Electronic Arts Inc. COM 285512109 8,486 128,360 SH   SOLE   128,360 0 0
Endurance Specialty Holdings L SHS G30397106 5,760 88,150 SH   SOLE   88,150 0 0
Enersis Americas S.A. Sponsore SPONSORED ADR 29274F104 821 59,004 SH   SOLE   59,004 0 0
Everest Re Group Ltd. COM G3223R108 13,770 69,747 SH   SOLE   69,747 0 0
Exelon Corp COM 30161N101 2,034 56,716 SH   SOLE   56,716 0 0
Fibria Celulose S.A. (ADS) SP ADR REP COM 31573A109 216 25,433 SH   SOLE   25,433 0 0
Fidelity National Information COM 31620M106 1,674 26,445 SH   SOLE   26,445 0 0
First American Financial Corp. COM 31847R102 2,690 70,579 SH   SOLE   70,579 0 0
Fiserv Inc. COM 337738108 7,257 70,746 SH   SOLE   70,746 0 0
Fluor Corp. COM 343412102 7,285 135,659 SH   SOLE   135,659 0 0
Ford Motor Company COM PAR $0.01 345370860 1,044 77,316 SH   SOLE   77,316 0 0
FTI Consulting, Inc. COM 302941109 434 12,218 SH   SOLE   12,218 0 0
General Motors Co. COM 37045V100 1,236 39,339 SH   SOLE   39,339 0 0
Gilead Sciences Inc. COM 375558103 6,775 73,750 SH   SOLE   73,750 0 0
Global Payments Inc. COM 37940X102 5,088 77,910 SH   SOLE   77,910 0 0
Goodyear Tire & Rubber Co. COM 382550101 1,530 46,400 SH   SOLE   46,400 0 0
Group 1 Automotive Inc. COM 398905109 2,757 46,981 SH   SOLE   46,981 0 0
Hawaiian Holdings Inc. COM 419879101 9,025 191,245 SH   SOLE   191,245 0 0
Henry Schein Inc. COM 806407102 4,248 24,605 SH   SOLE   24,605 0 0
Humana Inc. COM 444859102 5,169 28,252 SH   SOLE   28,252 0 0
ICICI Bank Limited Sponsored A ADR 45104G104 93 13,000 SH   SOLE   13,000 0 0
Icon Plc SHS G4705A100 1,602 21,334 SH   SOLE   21,334 0 0
Ingram Micro Inc. (Cl A) CL A 457153104 7,866 219,051 SH   SOLE   219,051 0 0
IntercontinentalExchange Group COM 45866F104 7,251 30,836 SH   SOLE   30,836 0 0
International Business Machine COM 459200101 7,667 50,625 SH   SOLE   50,625 0 0
Interpublic Group Of Cos. COM 460690100 10,450 455,331 SH   SOLE   455,331 0 0
iShares 3-7 Year Treasury Bond 3-7 YR TR BD ETF 464288661 1,251 9,930 SH   SOLE   9,930 0 0
iShares 7-10 Year Treasury Bon 7-10 Y TR BD ETF 464287440 3,306 29,964 SH   SOLE   29,964 0 0
iShares Barclays CMBS Bond CMBS ETF 46429B366 1,753 33,699 SH   SOLE   33,699 0 0
iShares Core MSCI Emerging Mar CORE MSCI EMKT 46434G103 9,309 223,655 SH   SOLE   223,655 0 0
iShares Floating Rate Bond ETF FLTG RATE BD ETF 46429B655 1,341 26,605 SH   SOLE   26,605 0 0
iShares iBoxx $ Investment Gra IBOXX INV CP ETF 464287242 3,425 28,825 SH   SOLE   28,825 0 0
iShares International Treasury INTL TREA BO ETF 464288117 12,277 126,315 SH   SOLE   126,315 0 0
iShares MBS ETF MBS ETF 464288588 28,735 262,468 SH   SOLE   262,468 0 0
iShares MSCI India Small Cap E MSCI INDIA SM CAP 46429B614 459 15,020 SH   SOLE   15,020 0 0
Itau Unibanco Holding S/A ADS SPON ADR REP PFD 465562106 93 10,775 SH   SOLE   10,775 0 0
Jacobs Engineering Group Inc. COM 469814107 6,787 155,835 SH   SOLE   155,835 0 0
JetBlue Airways Corp. COM 477143101 5,646 267,313 SH   SOLE   267,313 0 0
Korea Electric Power Corp. ADR SPONSORED ADR 500631106 1,422 55,234 SH   SOLE   55,234 0 0
Korn Ferry International COM NEW 500643200 432 15,288 SH   SOLE   15,288 0 0
L-3 Communications Holdings In COM 502424104 3,660 30,890 SH   SOLE   30,890 0 0
Lear Corp. COM NEW 521865204 1,823 16,394 SH   SOLE   16,394 0 0
Lennar Corp. (Cl A) CL A 526057104 1,214 25,112 SH   SOLE   25,112 0 0
Lithia Motors Inc. CL A 536797103 3,717 42,562 SH   SOLE   42,562 0 0
Lockheed Martin Corp. COM 539830109 7,440 33,589 SH   SOLE   33,589 0 0
LyondellBasell Industries N.V. SHS - A - N53745100 2,367 27,658 SH   SOLE   27,658 0 0
Magna International Inc. COM 559222401 6,014 139,982 SH   SOLE   139,982 0 0
ManpowerGroup Inc. COM 56418H100 5,786 71,069 SH   SOLE   71,069 0 0
Marathon Petroleum Corp. COM 56585A102 1,641 44,149 SH   SOLE   44,149 0 0
Markit Ltd. SHS G58249106 4,625 130,844 SH   SOLE   130,844 0 0
Marsh & McLennan Cos. COM 571748102 4,458 73,333 SH   SOLE   73,333 0 0
MasterCard Inc. Cl A CL A 57636Q104 7,360 77,888 SH   SOLE   77,888 0 0
Maximus Inc. COM 577933104 890 16,904 SH   SOLE   16,904 0 0
McKesson Corp. COM 58155Q103 8,724 55,480 SH   SOLE   55,480 0 0
Mercer International Inc. COM 588056101 495 52,373 SH   SOLE   52,373 0 0
Meritage Homes Corp. COM 59001A102 936 25,683 SH   SOLE   25,683 0 0
Moody's Corp. COM 615369105 8,291 85,866 SH   SOLE   85,866 0 0
Morningstar Inc. COM 617700109 2,731 30,939 SH   SOLE   30,939 0 0
Nasdaq, Inc. COM 631103108 7,784 117,264 SH   SOLE   117,264 0 0
Navient Corp COM 63938C108 3,607 301,330 SH   SOLE   301,330 0 0
NeuStar Inc. Cl A CL A 64126X201 2,039 82,892 SH   SOLE   82,892 0 0
Norfolk Southern Corp. COM 655844108 931 11,188 SH   SOLE   11,188 0 0
Northrop Grumman Corp. COM 666807102 8,944 45,193 SH   SOLE   45,193 0 0
Omnicom Group Inc. COM 681919106 13,807 165,885 SH   SOLE   165,885 0 0
O'Reilly Automotive Inc. COM 67103H107 5,151 18,823 SH   SOLE   18,823 0 0
Owens & Minor Inc COM 690732102 2,065 51,078 SH   SOLE   51,078 0 0
Owens Corning COM 690742101 5,105 107,982 SH   SOLE   107,982 0 0
PAREXEL International Corp. COM 699462107 1,403 22,368 SH   SOLE   22,368 0 0
Patterson Cos Inc COM 703395103 3,373 72,498 SH   SOLE   72,498 0 0
Penske Automotive Grp Inc Com COM 70959W103 4,157 109,673 SH   SOLE   109,673 0 0
PerkinElmer Inc. COM 714046109 866 17,513 SH   SOLE   17,513 0 0
Pharmerica Corp COM 71714f104 1,188 53,732 SH   SOLE   53,732 0 0
Phillips 66 COM 718546104 1,511 17,450 SH   SOLE   17,450 0 0
PowerShares Build America Bond BUILD AMER ETF 73937B407 5,307 175,785 SH   SOLE   175,785 0 0
PRA Group, Inc. COM 69354N106 1,554 52,867 SH   SOLE   52,867 0 0
Progressive Corp. COM 743315103 3,331 94,804 SH   SOLE   94,804 0 0
ProShares Short Russell2000 SHORT RUSSELL2000 74348A210 14,438 232,563 SH   SOLE   232,563 0 0
ProShares Trust Short S&P500 PSHS SHRT S&P500 74347R503 21,038 1,030,756 SH   SOLE   1,030,756 0 0
Quintiles Transnational Holdin COM 74876Y101 1,257 19,313 SH   SOLE   19,313 0 0
Raytheon Co. COM NEW 755111507 5,982 48,782 SH   SOLE   48,782 0 0
Reinsurance Group of America I COM NEW 759351604 8,635 89,716 SH   SOLE   89,716 0 0
Rite Aid Corp. COM 767754104 5,119 628,113 SH   SOLE   628,113 0 0
Robert Half International Inc. COM 770323103 789 16,940 SH   SOLE   16,940 0 0
Ryder System Inc. COM 783549108 851 13,143 SH   SOLE   13,143 0 0
S&P Global Inc. COM 78409V104 8,365 84,516 SH   SOLE   84,516 0 0
Sabre Corp. COM 78573M104 1,343 46,454 SH   SOLE   46,454 0 0
Santander Consumer USA Holding COM 80283M101 1,278 121,791 SH   SOLE   121,791 0 0
Science Applications Internati COM 808625107 2,773 51,984 SH   SOLE   51,984 0 0
Southwest Airlines Co. COM 844741108 9,626 214,866 SH   SOLE   214,866 0 0
SPDR Barclays 1-3 Month T-Bill BRCLYS 1-3 MT ETF 78464A680 5,488 120,118 SH   SOLE   120,118 0 0
SPDR Barclays International Tr BARCLY INTL ETF 78464A516 54,562 978,869 SH   SOLE   978,869 0 0
SPDR Barclays Short Term Inter SHRT INTL ETF 78464A334 2,772 88,679 SH   SOLE   88,679 0 0
SUPERVALU Inc. COM 868536103 2,778 482,303 SH   SOLE   482,303 0 0
Swift Transportation CL A 87074U101 1,041 55,861 SH   SOLE   55,861 0 0
Syntel Inc. COM 87162H103 926 18,547 SH   SOLE   18,547 0 0
Taiwan Semiconductor Manufactu SPONSORED ADR 874039100 224 8,557 SH   SOLE   8,557 0 0
Target Corp. COM 87612E106 11,862 144,162 SH   SOLE   144,162 0 0
Tata Motors Ltd. ADS SPONSORED ADR 876568502 1,638 56,388 SH   SOLE   56,388 0 0
Tech Data Corp. COM 878237106 6,601 85,987 SH   SOLE   85,987 0 0
Telekomunikasi Indonesia ADS SPONSORED ADR 715684106 279 5,492 SH   SOLE   5,492 0 0
Teradata Corp. COM 88076W103 1,482 56,463 SH   SOLE   56,463 0 0
Tesoro Corp. COM 881609101 1,595 18,542 SH   SOLE   18,542 0 0
The Hanover Insurance Group In COM 410867105 2,991 33,151 SH   SOLE   33,151 0 0
Thor Industries Inc. COM 885160101 576 9,034 SH   SOLE   9,034 0 0
Toyota Motor Corp. ADS SP ADR REP2COM 892331307 963 9,053 SH   SOLE   9,053 0 0
Travelers Companies, Inc. COM 89417E109 11,817 101,250 SH   SOLE   101,250 0 0
Triumph Group Inc. COM 896818101 1,198 38,043 SH   SOLE   38,043 0 0
United Continental Holdings In COM 910047109 1,022 17,072 SH   SOLE   17,072 0 0
United Natural Foods COM 911163103 2,559 63,509 SH   SOLE   63,509 0 0
United Rentals Inc. COM 911363109 3,797 61,055 SH   SOLE   61,055 0 0
United Therapeutics Corp. COM 91307C102 3,542 31,789 SH   SOLE   31,789 0 0
UnitedHealth Group Inc. COM 91324P102 7,329 56,855 SH   SOLE   56,855 0 0
Universal Forest Products Inc. COM 913543104 801 9,336 SH   SOLE   9,336 0 0
Valero Energy Corp. COM 91913Y100 2,437 37,998 SH   SOLE   37,998 0 0
Validus Holdings Ltd. COM SHS G9319H102 6,487 137,459 SH   SOLE   137,459 0 0
Vanguard Long Term Corporate B LG-TRM COR BD 92206C813 3,071 34,335 SH   SOLE   34,335 0 0
Vanguard Mortgage-Backed Secur MORTG-BACK SEC 92206C771 4,260 79,679 SH   SOLE   79,679 0 0
Vanguard Total International B INTL BD IDX ETF 92203J407 8,062 147,819 SH   SOLE   147,819 0 0
Visa Inc. CL A 92826C839 8,390 109,696 SH   SOLE   109,696 0 0
Vodafone Group PLC ADS SPNSR ADR NO PAR 92857W308 1,148 35,808 SH   SOLE   35,808 0 0
VWR Corp. COM 91843L103 1,310 48,400 SH   SOLE   48,400 0 0
Walgreens Boots Alliance Inc COM 931427108 11,765 139,661 SH   SOLE   139,661 0 0
Wal-Mart Stores Inc. COM 931142103 2,062 30,103 SH   SOLE   30,103 0 0
Werner Enterprises Inc. COM 950755108 767 28,257 SH   SOLE   28,257 0 0
Western Refining Inc. COM 959319104 1,188 40,825 SH   SOLE   40,825 0 0
Western Union Co. COM 959802109 4,058 210,367 SH   SOLE   210,367 0 0
Willis Towers Watson Public Li SHS G96629103 4,459 37,581 SH   SOLE   37,581 0 0
WPP PLC ADR ADR 92937A102 9,175 78,805 SH   SOLE   78,805 0 0